Trump officials are planning to fire 95% of CFPB staff and cancel the lease, the union lawsuit says
The Trump administration will dispatch the Consumer Financial Protection Bureau (CFPB) by firing 95% of its staff while canceling leases at its headquarters in Washington, D.C., according to a federal lawsuit aimed at stopping movement. I’m planning to do this.
If successful, a large layoff will only leave the skeleton of the agency responsible for police the way large banks and other financial services companies such as payday lenders and credit bureaus handle the customer.
The CFPB is currently closed after director Russell Wotan has stopped all his work and ordered him to stay home from the office this week. That’s also starting Lay off dozens With staff Cancellation of contract With vendors and expert witnesses.
Administration officials are open about their goal of eliminating agents. After members of his Doge team arrived at headquarters last week, billionaire Elon Musk tweeted “RIP CFPB” and President Donald Trump tweeted He told reporters “It’s very important to remove it” Tuesday.
“That was no use either,” he said. “There were bad groups of people doing it. …It was a bad group of people. They destroyed a lot of people.”
A new lawsuit filed Thursday in Washington by a nonprofit working for the Federal Employees Union and CFPB is attempting to reverse Vought’s suspension work order and additional terminations. It claims that the large layoffs will prevent the department from performing the basic functions required by law.
“The actions of Trump and Vought to disable the CFPB have already caused massive disruption and imposed serious and irreparable harm to consumers across the country,” the lawsuit states. “Without immediate relief, the defendant will continue to take over the lives of countless civil servants.”
Among other tasks required by the statute, the CFPB has suspended all oversight through banks and other lenders, the lawsuit says. The agency’s portal for consumer complaints is also “severely confused.” Institutions typically receive hundreds of thousands of complaints per month.
According to the lawsuit, Vought is also planning to return the CFPB’s operating reserves to the Federal Reserve, which funds the institutions. Over the weekend, he told the Fed that consumer watchdogs would not need new funds for the upcoming quarter.
The lawsuit does not cite sources regarding mass shootings, but rumors are swirling among current and former staff that mass shootings could be imminent. It said Trump officials “reportedly notified the General Services Bureau that the lease at CFPB’s headquarters has been terminated.”